The Ruias of the Essar Group have offloaded 17 per cent stake in BPL Mobile to the Mauritius-based institutional fund Gypsy Rover for approximately $80 million. The shares have been transferred in three transactions since October 2007, and the funds raised have been used for the company’s expansion in Mumbai. On the basis of BPL Mobile’s present shareholding pattern, after sale of stake, the Ruias hold 8.21 per cent, the Mauritius-registered company Capital-Global has 13.36 per cent stake and BPL Communications has 61.43 per cent stake, with BPL Mobile’s remaining stake held by Gypsy Rover. The Ruias may divest further stake in BPL Mobile.
